Globe. In a statement ceo Martin Vinterkorn said he was shocked by the events of the past few days. The scandal has pressured the stock which is down more than 30 over the past few days. It has prompted investigations and lawsuits. Phil lebeau has our report on the resignation of volkswagens ceo. Reporter the crisis involving rigged diesel emissions has claimed its first executive. Martin vinterkorn has resigned saying he didnt knowingly do anything wrong. But the vw board said it may be possible there are criminal proceedings involving executives at the automaker. Meanwhile vws board will choose the next ceo on friday. Herbert diest, mathias mueller, and rue better stiller are considered frontrunnerers. Their job will be to stabilize an automaker who has admitted it screwed up and sold clean diesel cars that really werent clean. In fact, the epa says almost 500,000 vw diesel cars hive been out on the road emitting up to 40 times more pollution than allowed. Consumers feel duped. I thi
Globe. In a statement ceo Martin Vinterkorn said he was shocked by the events of the past few days. The scandal has pressured the stock which is down more than 30 over the past few days. It has prompted investigations and lawsuits. Phil lebeau has our report on the resignation of volkswagens ceo. Reporter the crisis involving rigged diesel emissions has claimed its first executive. Martin vinterkorn has resigned saying he didnt knowingly do anything wrong. But the vw board said it may be possible there are criminal proceedings involving executives at the automaker. Meanwhile vws board will choose the next ceo on friday. Herbert diest, mathias mueller, and rue better stiller are considered frontrunnerers. Their job will be to stabilize an automaker who has admitted it screwed up and sold clean diesel cars that really werent clean. In fact, the epa says almost 500,000 vw diesel cars hive been out on the road emitting up to 40 times more pollution than allowed. Consumers feel duped. I thi
Would be a good start. Lets get to our road map and start things off with the markets. Extending yesterdays losses, disappointing Economic News and air strikes in syria are setting the tone for the morning trading. Also weighing on the market, the Obama Administration makes its move to counter inversions. The rising trend of American Companies leaving for lower taxes. Shares of takeover targets such as medtronic, shire and abbey are moving this morning. We may be getting closer to two large transactions. Allergan is in advanced talks to make its own deal to defend off valiant alachemann. Alachemann is already redding to sue. Yesterday nasdaq posting its worst sessions since july 31st. Dip ing dipping to a 2014 low. China rose slightly. You have the u. S. And arab allies launching attacks against islamic militants in syria. President obama due to make a statement on the u. S. Strategy against isis later this morning. Coming up at 11 00 a. M. Eastern, becky quick is going to interview fo
Oil prices are now solidly below 70 a barrel and many analysts say they have more room to fall. That has americans celebrating as prices at the pump continue to fall, but not everyone is in a celebrating mood. Ill explain. But first, u. S. Oil futures settled at 69 a bashl. Prices seesawed between 63 and 74 a barrel. Prices have fallen 36 since peaking in june, and since crude oil is the main component for gasoline, prices at the pump have come down 29 in roughly the same time. The big reason that oil prices appear to be in free fall is because of a decision by opec producers last week not to put oil out put. Normally when demand lags, the leading Oil Producers get together and try to agree on supply cuts. But these arent normal times. Americas energy boom is creating more supply right when economies in europe and asia are starting to pull back on their demand for oil. Saudi arabia is viewed as the worlds sing producer. It has the ability to flood or cut supply into the global market.
Oil prices are now solidly below 70 a barrel and many analysts say they have more room to fall. That has americans celebrating as prices at the pump continue to fall, but not everyone is in a celebrating mood. Ill explain. But first, u. S. Oil futures settled at 69 a bashl. Prices seesawed between 63 and 74 a barrel. Prices have fallen 36 since peaking in june, and since crude oil is the main component for gasoline, prices at the pump have come down 29 in roughly the same time. The big reason that oil prices appear to be in free fall is because of a decision by opec producers last week not to put oil out put. Normally when demand lags, the leading Oil Producers get together and try to agree on supply cuts. But these arent normal times. Americas energy boom is creating more supply right when economies in europe and asia are starting to pull back on their demand for oil. Saudi arabia is viewed as the worlds sing producer. It has the ability to flood or cut supply into the global market.